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DOWN PAYMENT ASSISTANCE PROGRAM

DOWN PAYMENT ASSISTANCE PROGRAM 2025

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The document outlines the Down Payment Assistance (DPA) Program, providing essential information for first-time homebuyers seeking financial aid for down payments. It details the steps to qualify, including attending required education courses, working with approved lenders, and understanding income limits. The document also explains eligibility criteria, application processes, and specific guidelines regarding property inspections and types of assistance available, such as Standard DPA and Shared Equity DPA options. Additionally, it addresses common questions about household income calculations, co-borrowers, and the implications of receiving gifts for down payments.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What is the $7,500 first time home buyer grant?

They can help you become a homeowner sooner since you dont have to build up as much savings upfront. There are potential downsides, though. Down payment assistance programs can lengthen how long it takes to close, and they commonly require you to live in the home at least three to five years.

Do down payment grants have to be paid back?

Most plans are operated by local governments or nonprofit groups and provide assistance buyers can put toward a down payment or closing costs. You May Pay More Over Time. You May Not Qualify. You Can Overextend Yourself. Closing May Take Longer. You May Have Occupancy Requirements.

What is the down payment grant in Oklahoma?

Our Americas Home Grant program offers a lender credit of up to $7,500 that can be used towards non-recurring closing costs, like title insurance and recording fees, or to permanently buy down the interest rate.

What is the down payment assistance grant in Oklahoma?

There are four main types of down payment assistance: Grants: Gifted money that never has to be repaid. Loans: Second mortgages that are paid monthly along with your primary mortgage. Deferred loans: Second mortgages with deferred payments that only have to be paid when you move, sell, or refinance.

Are down payment assistance programs worth it?

Under this program, eligible buyers can receive 5% of their total mortgage loan amount, up to a maximum of $35,000, for down payment and/or closing costs. The assistance is provided as a deferred second mortgage with 0% interest.

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